On 1/1/23 Big Cо. аcquired 80% оf the cоmmon stock of Little Co. for $400,000 The fаir vаlue of the NC Interest was $100,000 on that date. Little's book value on that date was $400,000; they had Common Stock of $100,000, and Retained Earnings of $300,000. The entire differential was attributed to an undervalued patent with a 5 year remaining useful life. On 1/1/23, Little sold equipment to Big for $30,000. Little had purchased the equipment on 1/1/2020 for $40,000, and was depreciating is straight-line over an eight year expected useful life with zero salvage value. Little reported 2023 earnings of $50,000, and paid $10,000 in dividends. Required: 1. Prepare the equity method entries for Big to account for their investment in Little in 2023. (4 points) 2. Prepare ALL consolidation entries for 2023. (10 points) 3. Prepare the consolidation/elimination entries for 2024 ARISING FROM THIS TRANSACTION (i.e., no "basic consolidation entry" or "excess value" entries. Just the intercompany transaction!) (3 points)